Vancouver, BC – Bankers Cobalt Corp. (TSXV: BANC) (the “Corporation” or “Bankers”) is pleased to provide an update on new cobalt and copper targets identified at the Comipad-Comima and Kankutu projects in the Democratic Republic of Congo (DRC).
- Recent trenching at Kankutu discovers a 3km strike of Mine Formation (Roan 1-2) series rocks which are host to nearby Kimpe Mine.
- Ground magnetics interpretation of Kankutu indicate a potential extension onto the concession of the structure which controls the nearby operating Kimpe Mine
- 400m long +200 ppm elevated copper in soil anomaly at Comipad-Comima
Stephen Barley, President and CEO states, “Kabolela North, Hole KADD013 returned 3.69% Copper over 6m from 72m – 78m depth extending the zone originally discovered in Hole KADD011(3.17% copper over 4m from 28m) and Hole KADD012 (2.01% copper over 6m from 34m; including 1m @ 0.3% cobalt from 39m). Drilling is continuing at Kabolela North and results will be released as assays come available. Soil sampling at Kabolela South has shown encouraging elevated cobalt and copper results tracking the same stratigraphy as a former operating pit on the southern border of the Kabolela property. Our team has found highly encouraging cobalt and copper in soil samples or trenches on both the Comipad-Comima and Kankutu concessions. We are having exploration success on all three property areas where our initial activities have been focused.”
Adam Anderson, Bankers’ DRC Exploration Manager states, “Exploration at the Comipad-Comima and Kankutu projects has been progressing well. At Comipad-Comima, the team has setup a camp, created a 17 km vehicular access and completed soil sampling and infill soil sampling to define a 400m long +200ppm copper in soil anomaly and an adjacent 150m by 50m long +200ppm copper in soil anomaly. The copper in soil anomalies are interesting as they have coincident associated multi-element anomalies. Both are associated with an EW trending tectonic breccia which appears to be hydrothermally altered. At Kankutu, based on ground magnetics interpretation, we have identified a potential extension of the Kimpe Fault which hosts the operating Kimpe Mine located 3.5kms from our Kankutu project.”
Kankutu Project (PE 13370; PE 13371; PE 13372; PE 13441)
Kankutu covers a total of 14 sq kms and consists of four contiguous concessions on the border of the operating Kimpe copper and cobalt mine where a recent trenching program has discovered a 3km strike of Mine Formation series of rocks which are the host rocks at the nearby Kimpe Mine.
A total of 1110 soil samples were collected over the project area on a 200m by 50m grid and handheld XRF analysis indicated areas of anomalous copper in soils. A total of 149 pits up to 8m in depth have been completed highlighting an anomalous zone of copper in the SW corner of PE 13371. A trenching program has discovered a 3km strike of Mine Formation series of rocks which are the host rocks at the nearby Kimpe Mine.
Ground magnetics were collected over the four licenses and the data processed by MSA in South Africa. License 13441 in the north of the project has deep soil cover up to 9m and geochemical sampling using a RAB rig drilling vertical holes across the interpreted geology is being utilized. The RAB drilling program is being delayed due to access difficulties associated with the wet season and is expected to be completed by the end of April. The target area is an area of structural complexity highlighted by the reprocessed ground magnetics where the Kimpe Fault is interpreted to extend into the license. The Kimpe Fault is the main control on cobalt and copper mineralization at the Kimpe Mine 3.5km to the SE of the license.
Planned work at Kankutu includes the following:
- complete trenching and geochemical drilling program and interpretation of the results
- RC drilling on identified targets
Comipad-Comima Project (292)
Three trenches have subsequently been completed over the soil anomalies and the breccia zone has clearly been defined in all three trenches. The breccia in trench 2 contains zones of specular hematite with relict sulfides now replaced by goethite. Handheld XRF readings show these zones to have elevated cobalt and silver but no copper has been identified in the rocks at surface to date. The anomalous copper in soil anomaly suggests there may be leaching at surface and this will require further work. Additional 50m spaced trenches east and west of the breccia zone in trench 2 are currently in progress. Results of the trenching are expected to take approximately 1-2 months as the samples are sent to ALS Johannesburg for multielement ICPMS analysis.
Planned work at the 292 license includes the following:
- A series of 50m spaced EW trenches centered on Trench 2 to expose the breccia and provide samples of the breccia.
- RC drilling is planned soon to test areas highlighted by the trenching
Bankers Cobalt has implemented an industry best practice QAQC program. All samples are picked up on site by Bankers’ geologists or delivered by the drillers to Bankers’ personnel. All samples are delivered by Bankers’ personnel to the SGS Laboratory in Lubumbashi, DRC for cobalt and copper determination. Check assay standards and blanks are submitted every 20 samples with each assay job and are then reviewed for accuracy.
Qualified/competent person — National Instrument 43-101 and JORC Code
The geological information in this announcement has been reviewed by Mr. Adam Anderson, a competent person (as defined in the JORC Code, 2012 edition) and Member of the Australian Institute of Geoscientists (AIG), a recognized professional organization for the purposes of the Australian Securities Exchange listing rules. Mr. Anderson, who has reviewed and approved the contents of this news release, is also a Qualified Person as defined by National Instrument 43-101.
Mr. Anderson is the DRC Country and Exploration Manager for Bankers. He has sufficient experience that is relevant to the style of mineralization, the type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the JORC Code and as a Qualified Person as defined in National Instrument 43-101.
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. As battery production for EV’s surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored. Bankers has an experienced operations team operating in the southern Cobalt-Copperbelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO
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This news release contains “forward-looking information” within the meaning of applicable securities laws including statements relating to the outlook of the business of the Corporation, including statements relating to the Corporation’s drilling and soil sampling programs, timing, execution and results of such programs; the Corporation’s intention to acquire additional concession, the Corporation’s ability to explore and develop the concessions, the results of any development and exploration, the ability of the Corporation to meet standards for verifiable supply chain custody, and the Corporation’s status as a leader in the junior mining sector for cobalt and copper in the DRC. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.